Upcoming job cuts at Bank of America will reduce its payroll "by approximately 30,000 jobs over the next few years," the company just announced.

The financial giant describes the reductions as part of "Phase I" in its reorganization. "Phase II" covering "businesses and operations that were not reviewed in Phase I," will begin in October.

As the Charlotte Observer writes, BofA "plans to slash $5 billion in annual expenses in the first phase of its ongoing cost-cutting initiative." That "amounts to 18 percent of the $27 billion in expenses the Charlotte bank tallied for consumer banking, credit card, home loans, technology and operations and other support functions in the year that ended March 31."